Does rating shopping exist in spanish securitization issues?

[EN] Debt issue credit ratings can lead to conflicts of interest as the issuer itself is entrusted with contracting and compensating the rating agency. Into the bargain, the credit rating agency may be involved in designing the issues that the same agency subsequently rates. Credit rating agencies thus could have incentives to rate issues advantageously. Given the economic importance of this issue, in this paper we have proposed to analyze this phenomenon, known as rating shopping in academic literature, for Spanish market securitization issues for the period of time comprehensive from January 1993 to December 2011. In sum 3,665 published ratings are been analysed, for an issued nominal amount of 791,090 million Euros. The results show an association between the credit rating agency contracted and the mean rating awarded. Significant differences are observed in the ratings associated to the contracting manager (or special purpose vehicle SPV- manager firm), to the number of ratings or to the type of collateral. Furthermore, a pattern compatible with rating shopping was observed for some types of collateral: abnormally high market shares associated with certain agencies awarding unusually generous ratings. However, this phenomenon is not seen to be widespread on the rating market associated to Spanish securitization issues.

傅立叶分解法荧光层析成像

本文提出一种基于结构光照明和傅立叶分解方法的荧光层析成像技术，该技术首先将激发光的强度沿着光轴方向调制成余弦函数，然后用此激发光对样品作传统的二维扫描，在每一个扫描位置余弦函数的频率在一定的范围内扫描，同时一一对应地记录下所发出的荧光强度。只要对所纪录的荧光序列做一个简单的傅立叶变换，即可以得到此位置样品沿着光轴方向的荧光团分布。这样通过一个传统的二维扫描，就可以得到一个三维的阳样品分布。

国产掺镱双包层光纤的激光特性

采用MCVD方法研发了掺镱双包层光纤，并对其结构特性、荧光特性和激光特性进行了测试和研究。其D形内包层尺寸为400／450μm，数值孔径为0．36，纤芯直径约为16μm，数值孔径约为0．18。荧光谱线的范围为1000-1140nm，1030nm处的峰宽大于50nm。采用大功率激光二极管单端泵浦6m长的双包层光纤，在泵浦人纤功率为61W时，获得了32W的激光输出，斜率效率为64％。该光纤在高功率处未发现饱和现象，通过优化光纤参数与泵浦方式还可以提高转化效率和输出功率。实验表明该光纤可以取代进口光纤用作高功率

Intense infrared luminescence in transparent glass-ceramics containing beta-Ga2O3 : Ni2+ nanocrystals

Transparent glass-ceramics containing beta-Ga2O3:Ni2+ nanocrystals were synthesized and characterized by X-ray diffraction, transmission electron microscopy, and electron energy loss spectroscopy. Intense broad-band luminescence centering at 1200 nm was observed when the sample was excited by a diode laser at 980 nm. The room-temperature fluorescent lifetime was 665 mu s, which is longer than the Ni2+-doped ZnAl2O4 and LiGa5O8 glass-ceramics and is also comparable to the Ni2+-doped LiGa5O8 single crystal. The intense infrared luminescence with long fluorescent lifetime may be ascribed to the high crystal field hold by Ni2+ and the moderate lattice phonon energy of beta-Ga2O3. The excellent optical properties of this novel material indicate that it might be a promising candidate for broad-band amplifiers and room-temperature tunable lasers.

退火对Si（111）衬底上ZnO薄膜的结构和发光特性的影响

采用磁控溅射法在硅（111）衬底上制备了C轴高度取向的ZnO薄膜，并研究了退火温度和氧气气氛对ZnO薄膜晶体质量、晶粒度大小和光致发光谱的影响。X射线衍射表明，所有薄膜均为高度C轴择优取向，当退火温度低于900℃时，随着退火温度的升高，薄膜的取向性和结晶度都明显提高。室温下对ZnO薄膜进行了光谱分析，退火后的样品均可观测到明显的紫光发射。在一定的退火温度范围内，还可以观测到明显的紫外双峰。空气中退火的样品，当退火温度达到或高于600℃还可观测到绿光发射。实验结果表明，发光峰强度随退火温度和氧气气氛不同而不

飞秒激光相干场诱导材料功能微结构

飞秒激光在整个脉冲宽度内具有极好的相干性，因而当从同一光束分出的两束或两束以上的光束时间与空间上实现相互叠加时将会形成强度周期性调制的电磁场．这种周期调制的电磁场与材料产生相互作用，能诱导出相应的周期微结构．最近通过两束或两束以上飞秒激光干涉诱导功能微结构得到了广泛研究．文章综合了国内外飞秒激光研究小组在干涉诱导微结构方面的一些最新成果以及作者在这方面开展的工作，对飞秒激光干涉技术的原理及其在诱导微结构方面的应用进行了介绍．

Nineteenth-century Ship-based Catches of Gray Whales, Eschrichtius robustus, in the Eastern North Pacific

The 19th century commercial ship-based fishery for gray whales, Eschrichtius robustus, in the eastern North Pacific began in 1846 and continued until the mid 1870’s in southern areas and the 1880’s in the north. Henderson identified three periods in the southern part of the fishery: Initial, 1846–1854; Bonanza, 1855–1865; and Declining, 1866–1874. The largest catches were made by “lagoon whaling” in or immediately outside the whale population’s main wintering areas in Mexico—Magdalena Bay, Scammon’s Lagoon, and San Ignacio Lagoon. Large catches were also made by “coastal” or “alongshore” whaling where the whalers attacked animals as they migrated along the coast. Gray whales were also hunted to a limited extent on their feeding grounds in the Bering and Chukchi Seas in summer. Using all available sources, we identified 657 visits by whaling vessels to the Mexican whaling grounds during the gray whale breeding and calving seasons between 1846 and 1874. We then estimated the total number of such visits in which the whalers engaged in gray whaling. We also read logbooks from a sample of known visits to estimate catch per visit and the rate at which struck animals were lost. This resulted in an overall estimate of 5,269 gray whales (SE = 223.4) landed by the ship-based fleet (including both American and foreign vessels) in the Mexican whaling grounds from 1846 to 1874. Our “best” estimate of the number of gray whales removed from the eastern North Pacific (i.e. catch plus hunting loss) lies somewhere between 6,124 and 8,021, depending on assumptions about survival of struck-but-lost whales. Our estimates can be compared to those by Henderson (1984), who estimated that 5,542–5,507 gray whales were secured and processed by ship-based whalers between 1846 and 1874; Scammon (1874), who believed the total kill over the same period (of eastern gray whales by all whalers in all areas) did not exceed 10,800; and Best (1987), who estimated the total landed catch of gray whales (eastern and western) by American ship-based whalers at 2,665 or 3,013 (method-dependent) from 1850 to 1879. Our new estimates are not high enough to resolve apparent inconsistencies between the catch history and estimates of historical abundance based on genetic variability. We suggest several lines of further research that may help resolve these inconsistencies.

Variabilidade espacial e temporal das concentrações de clorofila na Baía de Guanabara (RJ) utilizando imagens MERIS e dados in situ

Este trabalho teve como objetivo principal implementar um algoritmo empírico para o monitoramento do processo de eutrofização da Baía de Guanabara (BG), Rio de Janeiro (RJ), utilizando dados de clorofila-a coletados in situ e imagens de satélite coletadas pelo sensor MERIS, a bordo do satélite ENVISAT, da Agência Espacial Européia (ESA). Para a elaboração do algoritmo foi utilizada uma série histórica de clorofila-a (Out/2002 a Jan/2012) fornecida pelo Laboratório de Biologia Marinha da UFRJ, que, acoplada aos dados radiométricos coletados pelo sensor MERIS em datas concomitantes com as coletas in situ de clorofila-a, permitiu a determinação das curvas de regressão que deram origem aos algorítmos. Diversas combinações de bandas foram utilizadas, com ênfase nos comprimentos de onda do verde, vermelho e infra-vermelho próximo. O algoritmo escolhido (R = 0,66 e MRE = 77,5%) fez uso dos comprimentos de onda entre o verde e o vermelho (665, 680, 560 e 620 nm) e apresentou resultado satisfatório, apesar das limitações devido à complexidade da área de estudo e problemas no algoritmo de correção atmosférica . Algorítmos típicos de água do Caso I (OC3 e OC4) também foram testados, assim como os algoritmos FLH e MCI, aconselhados para águas com concentrações elevadas de Chl-a, todos com resultados insatisfatório. Como observado por estudos pretéritos, a Baia de Guanabara possui alta variabilidade espacial e temporal de concentrações de clorofila-a, com as maiores concentrações no período úmido (meses: 01, 02, 03, 10, 11 12) e nas porções marginais (~ 100 mg.m-3), particularmente na borda Oeste da baia, e menores concentrações no período seco e no canal principal de circulação (~ 20 mg.m-3). O presente trabalho é pioneiro na construção e aplicação de algoritmos bio-óptico para a região da BG utilizando imagens MERIS. Apesar dos bons resultados, o presente algorítmo não deve ser considerado definitivo, e recomenda-se para trabalhos futuros testar os diferentes modelos de correção atmosférico para as imagens MERIS.